Global genital warts treatment market is estimated to witness high growth, owing to rising awareness of treatment options and growing R&D investments
Global genital warts treatment market is estimated to be valued at USD 1.91 Bn in 2024, exhibiting a CAGR of 5.2% over the forecast period 2024-2031. The market growth is driven by rising awareness regarding treatment options and availability of therapeutic vaccines. Furthermore, growing research and development investments by pharmaceutical companies can contribute to the development of novel treatment therapies.
Market Dynamics:
Global genital warts treatment market growth is primarily driven by rising prevalence of HPV infections worldwide. As per WHO, around 630 million new cases of HPV infection occur every year globally. Several government-funded programs aim to spread awareness about HPV virus and the diseases it causes. This encourages more people to seek medical help for warts diagnosis and treatment. Continuous research in the field has led to development of advanced diagnostic tools for early detection of genital warts. Availability of treatment options like cryotherapy, topical medications, and surgical procedures have significantly improved treatment outcomes and success rates. Biologics and therapeutic vaccines present promising alternatives with potential to eliminate warts completely with long-term effects.
Increased awareness about sexually transmitted diseases can drive the genital warts treatment market growth
Global genital warts treatment market growth is driven by increased awareness about sexually transmitted diseases (STDs) and their prevention. Genital warts is a common STD caused by some strains of human papillomavirus (HPV). With better sexual health education programs run by governments and NGOs globally, people are more conscious about protecting themselves from such infections. This has boosted demand for effective treatment options for genital warts. Pharmaceutical companies have responded by increasing their research and development activities to launch more innovative drugs and therapies in this market.
Approval and launch of new treatment modalities can drive the genital warts treatment market
Rising approval and launch of new treatment modalities by regulatory bodies can drive the global genital warts treatment market growth. FDA had approved drugs like Imiquimod for the topical treatment of genital warts. American Society for Colposcopy and Cervical Pathology had endorsed new procedures like cryotherapy and laser therapy for genital warts removal. The introduction of such cutting-edge treatment options has provided patients and healthcare providers with improved efficacy and convenience. This has boosted demand for genital warts drugs and devices in both developing as well as developed market.
Stringent regulatory environment hampers new product approvals
Global genital warts treatment market growth can be hampered by presence of strict rules and regulations governing product approvals. Regulatory authorities like the USFDA impose rigorous clinical testing and manufacturing standards for new drugs, biologics and medical devices before granting approval. This increases the cost, complexity and time required for companies to obtain regulatory clearance for innovative genital warts products. The stringent regulatory environment could hamper the entry of smaller players and delay the development of new treatment modalities.
High cost of branded drugs constraints market penetration in low-income nations
The high price of branded prescription medications for genital warts treatment can hamper the market growth, especially in developing and underdeveloped countries. The cost of innovative drugs from big pharmaceutical firms is usually costly, putting them out of reach of common people in low-income nations with limited medical insurance. The availability of more affordable generic alternatives can expand access to genital warts care in developing markets and boost their overall market potential.
Increasing healthcare expenditure in emerging nations presents lucrative opportunities
Rising disposable incomes and healthcare spending in emerging economies present lucrative growth opportunities for genital warts treatment providers. Countries like China, India, Brazil, Mexico, and others are witnessing substantial economic development that leads to increased government funding on public health programs. These nations are gradually achieving universal healthcare coverage, which helps patients afford advanced medical services for infections like genital warts. Expanding middle-class population with greater medical access in developing markets can boost demand for genital warts treatments.
Growing telemedicine trend allows remote access to specialists
The burgeoning telemedicine industry offers immense potential opportunities for companies in the genital warts treatment sector. The trend of online medical consultations and prescriptions has gained prominence amid the COVID-19 pandemic. It allows remote access to dermatologists and STD specialists for genital warts patients who may feel shy or embarrassed discussing such intimate issues in person. Telehealth solutions can help address concerns from remote/rural locations with limited in-person medical facilities. This could immensely boost diagnosis and management rates for genital warts globally. The market players need to partner with telehealth platforms to leverage this noteworthy opportunity.
Link: https://www.coherentmarketinsights.com/market-insight/genital-warts-treatment-market-4534
Key Development
- In December 2023, Padagis, a pharmaceutical company, had received U.S. FDA approval to market Podofilox Gel, the first generic version of Condylox Gel, 0.5%, in the U.S. Podofilox Gel is an antimitotic medication used topically for treating anogenital warts, including external genital warts and perianal warts.
- In January 2023, Verrica Pharmaceuticals, a pharmaceutical company, announced that it had received the meeting minutes from its recent Type C meeting with the FDA, held on November 6, 2023. The meeting focused on discussing the Phase 3 clinical development plan for YCANTH for the treatment of common warts. Verrica believes the meeting successfully addressed its objectives to gain FDA advice and agreement on the pivotal Phase 3 study design necessary to support an efficacy supplement for this new indication. Currently approved for molluscum contagiosum, YCANTH aims to expand its therapeutic use pending further clinical trials.
Key Players: Merck & Co., Inc., Perrigo Company PLC, 3M Company, Bausch Health, Taro Pharmaceutical Industries, Novan Inc., Serum Institute of India Pvt. Ltd., Orgenesis biotech company, Verrica Pharmaceuticals, Sanofi S.A., AbbVie Inc., Lee's Pharmaceutical Holdings Ltd, Cassiopea, Glenmark Pharmaceuticals, Novartis International AG
